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Tuesday, May 28, 2024

Cotton market holds steady amidst uncertainties; focus on key reports

ICE cotton has experienced a rebound fueled by technical purchases, though the market remains uncertain about demand. Traders eagerly anticipate clearer insights into both demand and supply dynamics, with a keen eye on upcoming WASDE and US cotton export sales reports. Additionally, the weather forecast will play a pivotal role in shaping prospects for the next US cotton crop.

According to industry analysts, the US cotton July contract saw a 44-point increase, settling at 77.50 cents per pound (0.453 kg), while the December contract settled at 75.75 cents, up by the same margin on Tuesday.

The dollar index strengthened, prompting cotton sales, as it reached 105.3, rendering cotton pricier for foreign buyers. However, crude oil’s rebound from lower levels provided support to cotton prices.

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